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Foreign exchange reserves rebound to record levels

Bank of Israel Photo: Shutterstock ASAP Creative
Bank of Israel Photo: Shutterstock ASAP Creative
7 May, 2020 16:13
שלח תגובה במיילGlobes correspondent

After falling $5 billion in March at the start of the coronavirus crisis, Israel’s foreign exchange reserves rose $7.594 billion in April.

After falling $5 billion in March at the start of the coronavirus crisis, Israel’s foreign exchange reserves rose $7.594 billion in April to stand at a record $133.539 billion at the end of the month, the Bank of Israel reports. The reserves represent 33.8% of GDP.

The increase was the result of: foreign exchange purchases by the Bank of Israel totaling $727 million; a revaluation that increased the reserves by $2.073 billion; and government transfers from abroad totaling $6.484 billion. The increase was partly offset by private sector transfers of $1.690 billion.

Over the past 12 months, Israel's foreign exchange reserves have risen from $118.7 billion to $133.5 billion.

Published by Globes, Israel business news - www.globes-online.com - on May 7, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Bank of Israel Photo: Shutterstock ASAP Creative
Bank of Israel Photo: Shutterstock ASAP Creative
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